India Rubber:Dn on ICEX on rising virus cases, TOCOM hits record low

MUMBAI – Rubber contracts today closed lower on the Indian Commodity Exchange tracking Tokyo Commodity Exchange where contracts hit a record low due to rapidly spreading coronavirus and subsequent lockdown in various countries to contain it, analysts said.

On ICEX, the most-active April contract ended at 11,701 rupees per 100 kg, down 1.4% from the previous close.

On TOCOM, the most-active September natural rubber contract had hit a record low of 143 yen (about 99.93 rupees) per kg in the early trade. However, the contract ended at 144.8 yen, up 0.2% from the previous close.

The price of the RSS-3 variety in Thailand fell by $1.68 to $137.00 per 100 kg, data from Rubber Board showed. In Malaysia, the price of the SMR-20 variety was down by $4.35 at $107.40 per 100 kg.

Bearishness in spot markets of Kerala, where trade has been hit due to lockdown, also weighed on rubber contracts on the domestic bourse.

Total cases of coronavirus in India rose to 1071, and 29 people have died so far. End